In support of new incentives by the NSW Government to assist first-home-buyers, Poly Australia has decided to hold back all apartments under $800,000 for first-home-buyers to purchase from July 1.
It comes after the long awaited new measures by the NSW Government to address Sydney’s housing affordability issue.
From July 1, NSW will scrap stamp duty for first-home-buyers purchasing property up to $650,000 and reduce stamp duty on properties up to $800,000.
The changes also include an increase in stamp duty for foreign investors from 4 per cent to 8 per cent.
“We believe we will see a rush of foreign buyers securing property in the Sydney market in the next month as a result of the increase in stamp duty fees,” said Poly Australia Sales and Marketing Director Jay Carter.
“Our objective is to ensure that first-home-buyers don’t miss out because of this influx,” he said, adding that first-home-buyers will have the first opportunity to purchase these apartments once re-released.
“We want to give first-home-buyers every opportunity to take advantage of the new stamp duty discounts. Not miss out because the apartments have been snapped up by foreign purchasers who may want to get into the market before the stamp duty hikes take effect.”
“We will re-release these apartments with a price guarantee, so they’ll come back to market at exactly the same price.”
The final available apartments at Poly Horizon were initially released last month, however a total of 23 apartments will be taken off market and made available to first-home-buyers from July 1.
The changes in stamp duty fees are predicted to provide first-home-buyers savings of up to $34,360 according to the NSW Government.
Read the article on AFR by clicking here.
To find out more about Poly Horizon, click here.
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